Cyprus, the U.S., the Netherlands and Luxembourg - these are tax havens where Slovak companies most frequently went to in the first quarter of this year. Over the first three months 185 left in total - almost as many as throughout the whole last year.
“This is related to the changes in the tax system, such as VAT ledger statements, more paperwork, and increased supervision over companies. In practice, entrepreneurs get discouraged”, said Milan Seliak, country manager of Bisnode Slovensko, which prepared this data exclusively for the Hospodárske Noviny business daily. One of the reasons for such an increase is the measure that has been in force since March 1 of this year, and is the 35 percent withholding tax rate.
Gavin Shoebridge
